Crypto exchange Huobi to close unit in Thailand

The platform’s representatives urged customers to withdraw funds before July 1

16.06.2022 - 14:50

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What’s new? Cryptocurrency platform operator Huobi Technology Holdings Ltd. will close its unit in Thailand after the local Securities and Exchange Commission (SEC) revoked its license in May. The platform will be closed “permanently” from July 1, Huobi Thailand Co. said in an announcement on its website. The platform’s representatives urged customers to withdraw funds before then.

Information on the website of Huobi Thailand Co.

How did events develop? The Securities and Exchange Commission of Thailand revoked Huobi’s license after the platform failed to bring the systems and staff operations in line with regulations. The company had already been suspended by the SEC in September 2021 due to similar problems. The regulator was inspecting the exchange’s platform and management structure in February and March. According to the SEC, inconsistencies were found in the company’s systems.

A month after the warning, the SEC asked Huobi to temporarily suspend its services until the inconsistencies were fixed. But five months after the demand, the exchange did not correct the inconsistencies. As a result, the Commission decided to revoke the license to protect investors.

What is known about Huobi? It is a digital asset trading platform founded in 2013 in Beijing. Currently based in Seychelles, it also has offices in Hong Kong, South Korea, Japan, and the United States. The exchange has its own token called Huobi Token (HT), which is used to receive fee discounts as well as additional rewards and bonuses. The daily trading volume of the platform as of June 16 is $2,4 billion, according to CoinMarketCap.

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